How To Lower The Cost Of Insuring a Classic Car
There’s much to love about owning a classic car, but it’s also true that there can be a few challenges that modern car drivers typically don’t have to deal with. Finding replacement parts for a car that was built in the 1960s, after all, is usually more challenging than getting a replacement for a 2019 Ford.
And then there’s the matter of insurance. All too often, classic car owners pay more than they should for insurance, only to end up with a level of coverage that is below what they needed anyway. The right insurance is one that’s easy on the wallet yet offers comprehensive coverage that matches what the vehicle actually requires.
Planning to insure a classic car soon? These handy tips will ensure you get great coverage at the best price.
Work With a Specialist
Standard insurers will happily insure a classic car, but that doesn’t mean that they know much about them. In many cases, you’ll find that routine car insurance providers offer quotes that are well above average for non-specialised coverage.
Specialist classic car insurers have a deep understanding of classic cars, including how they’re used and what they need, and that allows them to offer accurate insurance prices in a way that mainstream insurers can’t.
Join a Club
Joining a classic car club offers a wide range of benefits, including providing access to a community of like-minded enthusiasts.
They can also be fantastic for unlocking classic car insurance discounts. Insurers recognise that members of groups like the Mercedes Benz Club, Club Lotus, and Jaguar Drivers Club take car ownership seriously, which reduces risk. As such, they’re usually willing to offer discounts that acknowledge that those vehicles receive above-average levels of care. There are other advantages to insuring your vehicle as a member of a club, too, such as member-to-member cover, which allows you to drive the vehicle of other members.
Secure Storage
A big part of the reason why classic car insurance can be cheap when buying from a specialist insurer is that these vehicles tend to be driven less frequently than everyday cars. Another key, influential factor is where the vehicle lives when it’s not in use. You can benefit from lower insurance premiums if the car is kept in a safe, secure location, such as in a locked garage or climate-controlled car storage unit.
Opt For Agreed Value Cover
So far, the tips included in this blog have been about ways to lower the cost of insuring a classic car when you’re first taking out the policy. This tip has to do with ensuring you’re not left out-of-pocket later down the line.
Standard policies will make a payout based on the valuation of a vehicle at the time of an incident. Taking out “Agreed Value” cover means that you’ll receive a payout based on the value you and the insurer agreed upon when initiating the policy, not a fluctuating valuation. It’s a smart way to protect your investment and avoid any nasty surprises in the event of serious damage to your classic car.
